GBP JPY is sideways 15/10/2013

The pair forms an intraday sideways bias by settling above the initial support level 156.75, waiting for gaining new positive momentum to visit 158.80 as an initial positive target, where by breaching it, we will wait for hitting 160.40, therefore we continue in our expectation for the stability of the trading above the previous support level until gaining the required momentum.

Stochastic stability in the overbought level supports the bullish bias domination on the trading until this moment, attempting to gain some of the positive momentum to reach the previously suggested targets.

Expected trading range is between 156.80 and 158.80

Expected trend for today: bullish